General Electric is selling a chunk of its healthcare IT business to New York private equity firm Veritas Capital for $1.05 billion in cash, as GE (NYSE: GE) chief executive John Flannery aims to streamline the Boston-based industrial behemoth and reverse a steep decline in its stock price.
Veritas has agreed to acquire GE Healthcare’s “value-based care division,” which includes its financial management, ambulatory care management, and workforce management software units. The deal is expected to close in the third quarter, according to a press release.
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